New York, May 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Prepaid Card Market” published by Consegic Business Intelligence, the market was worth USD 2,109.27 Billion in 2022 and is anticipated to reach over USD 6,796.33 Billion by the year 2030, growing at a CAGR of 16.0%.
A Prepaid Card is a type of payment card that is loaded with a specific amount of money before making any transactions. The function of the card is similar to the debit card and credit card, but the funds are preloaded onto the card instead of linking the card.
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The growth of the e-commerce industry along with the adoption of the digital payment system serves as the primary factor responsible for driving the growth of the market. The cards are used for making transactions on e-commerce websites and digital marketplaces without the need for disclosing any banking information. Further, security and convenience in payment also plays an important role in driving the market growth of the payment card. The cards eliminate the need for carrying cash resulting in significant convenience to the customer.
Additionally, growing demand for financial inclusion of the unbanked individuals is further driving the market growth of the prepaid card. Governments around the world are adopting policies that encourage the financial inclusion of unbanked individuals. Also, continuous technological advancement in mobile payment solution, and biometric authentication is driving the market growth of prepaid card market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 6,796.33 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 16.0% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Mastercard, PayPal Holdings, Inc., Visa, American Express Company, JPMorgan Chase & Co., H&R Block Inc., Banco Bilbao Vizcaya Argentaria S.A, Brink's Incorporated, Green Dot Corporation, Netspend, Revolut |
| By Card Type |
|
| By Usage |
|
| By End User |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Prepaid Card Market Growth Drivers:
- Flexibility and convenience in payment is driving the demand for prepaid card.
- Growing trends of online shopping is driving the market growth.
Restraints
- The fee structure of the cards limits the market growth.
Opportunities
- Growing adoption of cashless transactions in emerging markets
Global Prepaid Card Market Segmentation Details:
Based on Card Type, the open loop segment contributed the largest shares to the market growth in 2022. open loop prepaid card offers users convenience & flexibility in making payments resulting in the market growth of the segment. Further, with the growing trend of online shopping, open loop card have become a popular as secure and convenient payment options Additionally the open loop prepaid card offers several advantages including wider acceptance, cash withdrawal from ATMs, and international transactions among others.
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Based on Usage, the general-purpose card holds the largest market share and is expected to grow at a significant growth rate. The versatility of the general-purpose card plays a key role in the growth of the market. The general-purpose card is used for various types of transactions including in-store purchases, bill payments, online shopping, and cash withdrawals among others.
Based on End User, the retail segment holds the maximum share to the market growth in the year 2022. . In the retail sector prepaid cars are commonly used for gifting purposes. The cards offer the use flexibility and convenience to choose the desired product as per requirement. Further, retailers often provide a range of prepaid gift cards allowing customers to select cards specific to a particular store or brand.
Based on region, North America has been a major contributor to the growth of the Prepaid Card market. The growth is attributed to the increased adoption of technology which in turn leads to the increased demand for cashless payment solutions. Prepaid cards offer a secure and convenient alternative to the users for making cashless transactions. The card eliminates the need for carrying physical currency providing customers with a safer way to make purchases.
Recent Developments
- In July 2021, Mastercard, Mumbai Metro and Axis Bank launched the “One Mumbai Metro Card’ which is a open loop prepaid card for contactless transactions
- In December 2020, PayNearby launched launch PayNearby Shopping Card to enable retail partners to derive maximum benefits through digital commerce.
Key Market Highlights
- The Global Prepaid Card Market size is estimated to reach USD 6,796.33 Billion by 2030 and grow at a CAGR of 16.0% during the forecast period (2023-2030).
- Globally, Prepaid Cards are divided based on the card type into closed loop and open loop.
- In the context of usage, the market is separated into general purpose cards, gift cards, government benefit cards, incentive card, and others.
- The End-User segment is classified into retail, government institutions, corporate institutions, financial institutions, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Prepaid Cards.
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List of Major Global Prepaid Card Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Mastercard
- PayPal Holdings, Inc.
- Visa
- American Express Company
- JPMorgan Chase & Co.
- H&R Block Inc.
- Banco Bilbao Vizcaya Argentaria S.A
- Brink's Incorporated
- Green Dot Corporation
- Netspend
- Revolut
Global Prepaid Card Market Segmentation:
- By Card Type
- Closed Loop
- Open Loop
- By Usage
- General Purpose Card
- Gift Cards
- Government Benefit Card
- Incentive Card
- Others
- By End User
- Retail
- Government Institutions
- Corporate Institutions
- Financial Institutions
- Others
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Key Questions Covered in the Prepaid Card Market Report
- What will be the potential market valuation for the Prepaid Card industry by 2030?
- The market valuation for the Prepaid Card industry is expected to be approximately USD 6,796.33 Billion by 2030 driven by the advancements in technology to monitor the crane performance in real-time.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Prepaid Card market's growth in the coming years?
- North America is anticipated to have the largest impact on the Prepaid Card Market during the forecast period owing to the growing adoption of cashless transaction and growing e-commerce industry.
- What specific segmentation details are covered in the Prepaid Card Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including card type, usage, and end-user. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the card type segment has witnessed an open loop as the dominating segment in the year 2022. The growth is endorsed by the ability of open loop to offer improved convenience and versatility.
- What specific segmentation details are covered in the Prepaid Card market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including card type, usage, and end-user. Each segment is projected to have the fastest-growing sub-segment fueled by industry trends and drivers. For instance, in the usage segment, general purpose card is anticipated to witness the fastest CAGR growth during the forecast period. The growth is attributed to the use of the card for various types of transactions including in-store purchases, bill payments, online shopping.
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